- After Bitcoin broke through the $12,000 mark yesterday, a correction to $11,450 and a quick rebound to $11,850 followed.
- Analysts continue to be bullish for Bitcoin, but warn of another short-term correction to $11,300.
Bitcoin rose above $12,000 for 30 minutes yesterday, before a short-term correction to the $11,450 mark followed. However, the Bitcoin price showed a quick rebound as many buy positions were placed along this price zone. At the time of writing, the Bitcoin price stands at $11,850, down 1.33% in the last 24 hours. The market capitalization is $218 billion.
Although many analysts are drawing a bullish future scenario for Bitcoin, they warn to be vigilant in the short term as a possible correction may be imminent. On Twitter, Josh Rager points out that Bitcoin has shown the highest candle closing on the weekly chart in 2.5 years and therefore expects Bitcoin to continue its bullish trend. Nevertheless, he points out to his followers that a correction could follow before the next price rise. This could be a good opportunity to make a quick profit.
Bitcoin just had its highest weekly close in 2.5 years…
All I'm saying is that I expect price to keep pumping this week
— Josh Rager 📈 (@Josh_Rager) August 10, 2020
Bitcoin Trader “Il Capo OF Crypto” describes on Twitter that Bitcoin could reach a new all-time high by the end of the year, but that a correction to $11,300 could follow in the short term. In his opinion, this step would be a healthy development before Bitcoin can target the next resistance along the $13,800 mark.
11880 -> 12100-12200 -> 11300
— il Capo Of Crypto (@CryptoCapo_) August 10, 2020
Also “CRYPTO₿IRB” predicts a massive rise in the share price to $13,000 or $14,000, if Bitcoin can manage to stay above the $12,000 mark. Nevertheless, he explains that he too expects a short-term correction towards the $11,300 to $11,500 mark, as BTC has otherwise risen too quickly. He will use the impending correction to buy more BTC.
When $BTC holds 12k it's going to teleport to 13-14k region easily imo. Dips are for buying
— CRYPTO₿IRB (@crypto_birb) August 10, 2020
Real Vision CEO Raoul Pal states that Bitcoin showed a strong breakout on the monthly chart and therefore expects the price of Bitcoin to continue to rise. However, he also points out to his followers that the next rally will be slow and further short-term corrections may follow.
I like to get the texture of a move by looking at the long-term charts. Bitcoin is a stunner. The monthly chart has only just broken out this month. It has a long way in time and price to go…. pic.twitter.com/tS5wp0xH8P
— Raoul Pal (@RaoulGMI) August 10, 2020
Dutch full-time trader Crypto Michaël states that a new Bull Run is yet to come. He cautions his followers not to fall into the trap of profit and to make emotionally driven decisions in the short term. Bitcoin investors should take a long-term view and stay in the market for the next few years, otherwise they will regret their decision, the trader continues. He believes the $14,000 mark is a realistic goal that Bitcoin can reach within the next 4 weeks
Further; We’re just getting started folks.
Get your plan ready for the coming years and follow it.
I’m happy to be a relative calm Dutchie, so I’m able to control my emotions. So should you. $BTC
— Crypto Michaël (@CryptoMichNL) August 10, 2020
Altcoin market offers strong profit opportunities
Even though Bitcoin is showing a strong development, there are many Altcoins that are currently showing a much better performance. These include in particular Chainlink and Tezos. Chainlink reached a new historic all-time high of $13.87 yesterday, causing a big surprise in investor circles. Tezos was able to benefit from the latest update to the Kiln application.
In the DeFi market, new projects regularly achieve dizzying price increases. Both the CRV token and yEarn.Finance are among the newcomers to the market that are benefiting from the current hype in the DeFi market. According to the latest data from defipulse.com, the volume of Ethereum-bound DeFi applications has risen to an all-time high of $4.73 billion.
Ethereum co-founder Vitalik Buterin sees great potential in the DeFi market, but warns traders not to be too blinded by current price developments.
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